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No, If you have a replacement valuation Home Insurance Policy then the company will pay the "replacement cost"

The cost of replacement may or may not reach your policy limits depending on the loss.

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Q: Does your insurance company have to pay the policy limit for a total loss if you have replacement?
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You have insurance on your home but no replacement insurance What does this mean?

HOAIt means our policy is based on actual value rather than replacement cost. It means that the insurance company is not guaranteeing you the replacement of your home if it burns down. For example, your insurance policy limit is $200,000, but the cost of replacing your home is $210,000, if you had a replacement policy, the insurance would pay for the replacement of your home despite the fact that your insurance limit is only $200,000. However, the insured value at the time of the loss is usually required to be at least 80% of the replacement cost before your policy is covered on a replacement cost basis.


What is the statutory time limit to sue a homeowners insurance company?

the standard policy says two years


Is there a legal limit in cash amount to keep at home in the united kingdom?

Not a legal limit - however - for insurance purposes, your insurance company may impose a maximum limit for the amount of cash they're willing to protect with your contents policy.


Is a cancelled fire insurance policy reinstatable?

You should contact your Insurance Company and ask them. Different Insurance companies have their own rules. Some will but they are gonna have a time limit or may require you reapply for a new policy. You just have to ask.


What can you do if your insurance company is invoking lifetime limit?

You can receive any final benefits available and you can purchase a new policy since the lifetime limits have been exhausted on that policy.


How often can an insurance company inspect your home?

There is no legal limit. Most insurance companies will inspect the property at policy issuance and at policy renewal. But they can inspect it at any time they perceive a potential for a change in risk factors.


Ihave just found an old insurance policy belonging to my mother who died 37 years ago how do i know if its been cashed or not?

Normally a policy docment is surrendered to the insurance company to initiate payment. As all insurance companies are different, check with the insurance company whether they have paid out on it and whether they have a time limit on claims.


If a victum is told to stop therpy because opposing insurance company says they are setting a limit on damages although said insurance company has already adimtted fault?

First WHO told you stop therapy? It could be that the insurance company is reaching their policy limit, not ''setting a limit'', all coverages have a limit and they absolutely cannot pay past that limit (subject to a judge saying otherwise, which is highly unlikely), if you would like to provide more details I could be of more assistance to you.


Does a deductible apply to replacement cost insurance?

Yes. Under some circumstances the insurance company would "absorb" the deductible if the claim for that particular line of coverage exceeded that policy limit. Also, there are some policies out there that do not have a deductible if it is "scheduled personal property", e.g. Rolex Watch, Musical Instruments, Oriental Rugs.


Who is liable for damages above the maximum limit on your policy when you are not the driver?

The driver of the vehicle would be considered as secondary. Say you own a car, and are insured with company X. You let a friend borrow your car, and they have insurance with company Y. If there is an accident that exceeds the limits of the policy for company X, then company Y would pay up to their policy limit to cover the remainder of the balance for damages. If the driver does not have their own insurance, then potentially both the driver and the vehicle owner could be sued and be responsible for damages.


If you hit someone and their medical bills go over your policy limit does your insurance company have to pay everything?

It depends on whether it's a no-fault state.


A policy with aggregate limits will limit only the what?

A policy with aggregate limits will limit only the total amount that an insurance company will pay out for all claims during a specific policy period. It sets a maximum limit for all claims combined, rather than a specific limit for each individual claim. Once the aggregate limit is reached, the policy will no longer provide coverage for any further claims.